Indian Gold and Silver Prices Fall Amid Global Weakness and Profit Booking
Gold and silver prices fell in India on July 31, tracking global weakness as the US dollar strengthened. The decline was also due to profit booking after a recent rally in precious metals.
On the Multi Commodity Exchange (MCX), gold futures for August 5 delivery dropped 0.79% to ₹1.42 lakh per 10 grams, while silver futures for September 4 delivery declined 0.75% to ₹2.18 lakh per kg.
Globally, COMEX gold futures were down 0.39% at $4,144.40 an ounce, while COMEX silver futures slipped 0.22% to $58.89 an ounce. Spot gold also edged lower after touching a one-week high in the previous session.
According to Kaynat Chainwala, AVP, Commodity Research, Kotak Securities, precious metals remain range-bound and are influenced by US economic data, bond yields, and the Federal Reserve's stance. While cooling US economic data is supporting bullion, a firmer dollar and elevated bond yields are limiting sharp upside.